# Rolling 10-Year Window Analysis (Z_1 → gross_assets_gdp)

| Window | Z_1 Coef | SE | p-value | Sig | N | Countries |
|---|---|---|---|---|---|---|
| 1990-1999 | -593.7 | 431.3 | 0.1690 |  | 1,138 | 151 |
| 1991-2000 | -538.5 | 415.8 | 0.1955 |  | 1,223 | 165 |
| 1992-2001 | -536.6 | 368.2 | 0.1452 |  | 1,302 | 170 |
| 1993-2002 | -651.9 | 366.5 | 0.0755 | * | 1,380 | 172 |
| 1994-2003 | -707.8 | 366.8 | 0.0538 | * | 1,455 | 172 |
| 1995-2004 | -790.9 | 363.4 | 0.0297 | ** | 1,527 | 174 |
| 1996-2005 | -915.6 | 376.1 | 0.0150 | ** | 1,589 | 177 |
| 1997-2006 | -1087.9 | 511.2 | 0.0335 | ** | 1,634 | 177 |
| 1998-2007 | -1524.3 | 567.0 | 0.0073 | *** | 1,670 | 177 |
| 1999-2008 | -1432.9 | 741.0 | 0.0533 | * | 1,699 | 177 |
| 2000-2009 | -3147.4 | 1479.4 | 0.0335 | ** | 1,723 | 177 |
| 2001-2010 | -3054.2 | 1503.0 | 0.0423 | ** | 1,732 | 176 |
| 2002-2011 | -2011.7 | 1540.2 | 0.1917 |  | 1,737 | 176 |
| 2003-2012 | -1815.0 | 1634.3 | 0.2669 |  | 1,739 | 176 |
| 2004-2013 | -1507.3 | 1637.4 | 0.3574 |  | 1,741 | 176 |
| 2005-2014 | -1401.6 | 1618.8 | 0.3867 |  | 1,741 | 176 |
| 2006-2015 | -1116.5 | 1565.6 | 0.4758 |  | 1,738 | 175 |
| 2007-2016 | -1161.9 | 1639.6 | 0.4786 |  | 1,736 | 175 |
| 2008-2017 | -1200.9 | 1725.9 | 0.4867 |  | 1,734 | 175 |
| 2009-2018 | -508.6 | 1210.0 | 0.6743 |  | 1,736 | 177 |
| 2010-2019 | -664.6 | 1164.1 | 0.5681 |  | 1,737 | 177 |
| 2011-2020 | -1301.0 | 1169.5 | 0.2661 |  | 1,738 | 176 |
| 2012-2021 | -1122.2 | 1051.9 | 0.2862 |  | 1,740 | 176 |
| 2013-2022 | -2170.2 | 955.5 | 0.0232 | ** | 1,741 | 176 |
| 2014-2023 | -2592.1 | 956.2 | 0.0068 | *** | 1,742 | 176 |
| 2015-2024 | -2789.2 | 1030.8 | 0.0069 | *** | 1,569 | 176 |

*Rolling 10-year windows. Tracks stability of Z_1 coefficient over time.*